Valence, a Los Angeles-based networking platform for Black professionals, has been bought by digital banking platform Greenwood, the company announced Wednesday.
Atlanta-based Greenwood—which provides services intended to boost financial opportunities for Black and Latino people and businesses—said it will use Valence’s network to connect its community with professional development tools. Financial terms of the deal were not disclosed.
Since launching in 2019, Valence has raised more than $7 million in funding from investors including GGV Capital and Upfront Ventures. (Valence co-founder and chairman Kobie Fuller is a general partner at Upfront.) The startup has built features into its platform such as Pipeline, a database to help corporate recruiters find Black candidates, and BONDS, a mentoring program it launched last year to foster leadership skills in Black professionals.
“We’re being very targeted in how we can drive economic opportunity and wealth creation in the Black community," Fuller said in a statement. “Joining with Greenwood is a commitment to our community and accelerates our mission towards creating new paths to success for Black professionals and fuels our efforts towards closing the racial wealth gap.”
Fuller will join Greenwood’s advisory board, while Valence CEO Guy Primus will retain his role and take on the new title of vice president at Greenwood.
The deal comes after Greenwood acquired The Gathering Spot, a private membership network for the Black community, last month. The fintech company said it hopes the new acquisitions will help it build tools to close the racial wealth gap.
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